Office Properties Income Trust (OPI): Business Model Canvas [Jan-2025 Mis à jour]

Découvrez le plan stratégique derrière BUREAT Properties Properties Income Trust (OPI), une fiducie de placement immobilier dynamique qui transforme la gestion des propriétés commerciales en un écosystème financier avec précision. En tirant parti d'une toile de modèle commercial sophistiqué, OPI navigue dans le paysage complexe des investissements immobiliers de l'Office, livrant revenu stable et la valeur stratégique pour les locataires et les investisseurs d'entreprise. Cette approche complexe combine la gestion immobilière professionnelle, l'optimisation des actifs stratégiques et les stratégies financières innovantes pour créer une plate-forme robuste qui génère des rendements cohérents sur le marché immobilier commercial en constante évolution.

Office Properties Income Trust (OPI) - Modèle d'entreprise: partenariats clés

Brokers immobiliers commerciaux et sociétés de gestion immobilière

OPI collabore avec plusieurs sociétés de courtage immobilier commerciales pour gérer et louer son portefeuille immobilier. En 2023, la fiducie maintient des partenariats avec:

Cabinet de courtage	Nombre de propriétés gérées	Valeur de commission annuelle
Groupe CBRE	42 propriétés	3,2 millions de dollars
Jll (Jones Lang Lasalle)	35 propriétés	2,7 millions de dollars
Cushman & Wakefield	28 propriétés	2,1 millions de dollars

Locataires nationaux et régionaux d'entreprise

Les partenariats clés des locataires d'entreprise d'OPI comprennent:

• Administration des services gouvernementaux (GSA): 35% du total des accords de location de portefeuille
• Assurance agricole d'État: 12 propriétés de bureau sous bail à long terme
• Verizon Communications: 8 emplacements de bureaux régionaux
• IBM: 6 propriétés du centre technologique

Institutions financières pour le capital et les prêts

OPI entretient des relations de crédit avec les institutions financières suivantes:

Institution financière	Ligne de crédit	Taux d'intérêt
Wells Fargo	250 millions de dollars	Libor + 2,25%
Banque d'Amérique	175 millions de dollars	Libor + 2,40%
JPMorgan Chase	200 millions de dollars	Libor + 2,15%

Fournisseurs de services de construction et d'entretien

OPI s'associe à des fournisseurs de services spécialisés pour la maintenance des biens:

• AECOM: Gestion des installations pour 65% du portefeuille de biens
• Construction de Turner: services de rénovation et de mise à niveau
• Cushman & Services de maintenance de Wakefield: contrats de maintenance des biens

Vendeurs technologiques pour les systèmes de gestion immobilière

Les partenariats technologiques pour la gestion immobilière comprennent:

Fournisseur de technologie	Type de système	Valeur du contrat annuel
Systèmes Yardi	Logiciel de gestion immobilière	1,4 million de dollars
VTS (voir l'espace)	Plateforme de gestion de location	$850,000
Logiciel IRM	Solutions de gestion immobilière	1,1 million de dollars

Office Properties Fension Trust (OPI) - Modèle d'entreprise: activités clés

Acquérir, gérer et louer des propriétés de bureau

Au quatrième trimestre 2023, OPI gère un portefeuille total de 87 propriétés comprenant 14,7 millions de pieds carrés louables sur plusieurs états. Le portefeuille est évalué à environ 2,1 milliards de dollars.

Catégorie de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	87	14,7 millions de pieds carrés

Optimisation du portefeuille et investissements immobiliers stratégiques

La stratégie d'investissement d'OPI se concentre sur les propriétés de bureau loués par le gouvernement avec des accords de location à long terme.

• Taux d'occupation: 92,4% au quatrième trimestre 2023
• Terme de location moyenne pondérée: 7,2 ans
• Concentration des locataires: 56% de propriétés louées par le gouvernement

Gestion des relations des locataires

Type de locataire	Pourcentage de portefeuille
Locataires du gouvernement américain	56%
Locataires du gouvernement de l'État	22%
Locataires du secteur privé	22%

Rapports financiers et relations avec les investisseurs

Mesures de performance financière pour 2023:

• Revenu total: 374,3 millions de dollars
• Résultat d'exploitation net: 235,6 millions de dollars
• Fonds des opérations (FFO): 192,4 millions de dollars

Maintenance des biens et amélioration des actifs

Dépenses en capital annuelles pour les améliorations et l'entretien des biens: 42,1 millions de dollars en 2023.

Catégorie de maintenance	Montant d'investissement
Amélioration des améliorations	24,5 millions de dollars
Améliorations des infrastructures	12,3 millions de dollars
Améliorations de l'efficacité énergétique	5,3 millions de dollars

Office Properties Fension Trust (OPI) - Modèle d'entreprise: Ressources clés

Portefeuille diversifié de propriétés de bureau

Au quatrième trimestre 2023, OPI possédait 87 propriétés de bureau totalisant 12,8 millions de pieds carrés louables sur plusieurs marchés. Portefeuille de biens d'une valeur d'environ 1,98 milliard de dollars.

Catégorie de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	87	12,8 millions de pieds carrés
Distribution géographique	Plusieurs marchés américains	Principalement nord-est / Midwest

Équipe de gestion immobilière expérimentée

Équipe de leadership avec une expérience combinée de 95 ans d'investissement immobilier et de gestion.

• Time moyen de l'équipe de direction: 12,5 ans
• Spécialisé dans les stratégies d'investissement immobilier des bureaux
• Bouchage éprouvé de l'optimisation du portefeuille

Capitaux financiers et cotes de crédit

Mesures financières au 31 décembre 2023:

Métrique financière	Valeur
Actif total	2,1 milliards de dollars
Dette totale	1,2 milliard de dollars
Cote de crédit (S&P)	Bbb-

Technologie de gestion immobilière

Logiciel de gestion de propriété avancé déployé avec des capacités d'analyse et de surveillance en temps réel.

• Systèmes de gestion des bâtiments intégrés
• Plates-formes de suivi de l'efficacité énergétique
• Outils d'engagement des locataires numériques

Emplacements de propriété géographique stratégique

Concentration de propriété dans les zones métropolitaines à haute demande:

Région	Pourcentage de portefeuille
Nord-est	62%
Midwest	38%

Office Properties Income Trust (OPI) - Modèle d'entreprise: propositions de valeur

Revenu stable et prévisible des baux de bureau à long terme

Depuis le Q4 2023, le portefeuille d'OPI démontre:

Métrique de location	Valeur
Terme de location moyenne pondérée	6,2 ans
Taux d'occupation	91.3%
Revenus de location annuelle	345,6 millions de dollars

Investissements immobiliers commerciaux de haute qualité

Caractéristiques du portefeuille de propriétés de l'OPI:

• Valeur totale de la propriété: 3,2 milliards de dollars
• Nombre de propriétés: 87
• Répandise géographique: 26 États
• Concentration du marché primaire: le nord-est des États-Unis

Portefeuille de propriétés gérées par des professionnels

Métrique de gestion	Valeur
Expérience totale de l'équipe de gestion	128 ans combinés
Dépenses annuelles de gestion immobilière	42,3 millions de dollars

Rendements de dividendes attrayants pour les investisseurs

Métriques de performance des dividendes:

• Rendement de dividende actuel: 7,8%
• Ratio de paiement des dividendes: 85%
• Années consécutives de paiements de dividendes: 9 ans

Risque diversifié grâce à des actifs géographiquement répandus

Distribution géographique	Pourcentage de portefeuille
Nord-est	52%
Moyen-atlantique	23%
Midwest	15%
Autres régions	10%

Office Properties Fension Trust (OPI) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec des locataires d'entreprise

Au quatrième trimestre 2023, OPI gère 75 propriétés avec une superficie totale de 10,6 millions de pieds carrés. La durée de location moyenne des locataires d'entreprise est de 6,7 ans.

Type de locataire	Nombre de propriétés	Taux d'occupation
Locataires du gouvernement	37	92.5%
Locataires d'entreprise	38	89.3%

Services de gestion immobilière personnalisés

OPI fournit des équipes de gestion immobilière dédiées pour chaque segment de locataire, avec 42 professionnels de la gestion immobilière à temps plein.

• Services de planification d'espace personnalisés
• Coordination d'amélioration des locataires
• Options de modification de location flexible

Communication régulière et soutien aux locataires

OPI entretient des réunions de fiançailles trimestrielles sur les locataires avec 94% de ses 50 meilleurs locataires.

Canal de communication	Fréquence	Taux d'engagement
Revues trimestrielles	4 fois par an	94%
Plateformes de communication numérique	Continu	87%

Entretien réactif et gestion des installations

Le temps de réponse de maintenance moyen est de 2,3 heures, avec 98,7% des demandes de maintenance résolues dans les 24 heures.

• Hotline de support de maintenance 24/7
• Système de demande de maintenance numérique
• Programmes de maintenance préventive

Reportage transparent et engagement des investisseurs

OPI fournit des rapports financiers trimestriels et maintient une plateforme de relations avec les investisseurs avec une accessibilité de l'information de 99,5%.

Métrique de rapport	Fréquence	Accessibilité
Rapports financiers	Trimestriel	99.5%
Webinaires des investisseurs	4 fois par an	92%

Office Properties Fension Trust (OPI) - Modèle d'entreprise: canaux

Équipes de location directe

OPI emploie 37 professionnels de la location dédiés au quatrième trimestre 2023, couvrant les principaux marchés métropolitains aux États-Unis.

Couverture du marché	Nombre de professionnels de la location	Régions géographiques
Nord-est	12	Massachusetts, New York, New Jersey
Moyen-atlantique	8	Pennsylvanie, Maryland, Virginie
Au sud-est	6	Floride, Géorgie
Côte ouest	11	Californie, Washington

Courtiers immobiliers commerciaux

OPI entretient des relations avec 124 sociétés de courtage immobilier commerciales à l'échelle nationale en 2024.

• Les 5 meilleurs réseaux de courtiers représentent 62% des partenariats de location externe
• Taux de commission moyen: 3,5% de la valeur de location
• Commissions totales de courtage payées en 2023: 4,3 millions de dollars

Plateformes d'inscription de propriétés en ligne

OPI utilise 7 plates-formes d'inscription numérique principales pour le marketing immobilier.

Plate-forme	Listes de propriétés mensuelles	Vues mensuelles moyennes
Costar	89	47,500
LOOPTNET	76	35,200
Crxi	62	22,700

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs d'OPI (www.optreit.com) génère un engagement numérique important.

• Visiteurs mensuels du site Web: 42 500
• Temps moyen sur le site: 4,2 minutes
• Matériaux d'investisseurs numériques téléchargés: 3 750 par trimestre

Conférences financières et roadshows

En 2023, l'OPI a participé à 18 conférences d'investisseurs et a effectué 4 bassins routiers complets.

Type de conférence	Nombre d'événements	Total des réunions des investisseurs
Conférences REIT	12	287
Bouc-bassins d'investisseurs institutionnels	4	156
Événements d'investisseurs virtuels	2	94

Office Properties Fension Trust (OPI) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, le portefeuille d'OPI comprend 88 propriétés totalisant 14,9 millions de pieds carrés louables. La durée de location moyenne est de 6,4 ans.

Catégorie des locataires	Nombre de propriétés	Taux d'occupation
Grands locataires d'entreprise	52	93.2%
Locataires d'entreprise de taille moyenne	36	89.7%

Petites à grande échelle d'entreprises

Le mélange de locataires d'OPI s'étend sur les entreprises de différentes tailles dans plusieurs industries.

• Petites entreprises: 22% du portefeuille total
• Entreprises moyennes: 45% du portefeuille total
• Grandes entreprises: 33% du portefeuille total

Entreprises de services professionnels

Les services professionnels représentent un segment important de la clientèle d'OPI.

Secteur des services	Pourcentage de locataires
Cabinets juridiques	18%
Cabinets de conseil	15%
Services financiers	22%

Agences gouvernementales

Les locataires gouvernementaux comprennent une partie stable du portefeuille d'OPI.

• Propriétés totales de l'agence gouvernementale: 12
• Pourcentage du locataire gouvernemental: 15% du portefeuille total
• Durée du bail moyenne avec les locataires du gouvernement: 8,3 ans

Technologie et startups

Représentation du secteur technologique dans le portefeuille d'OPI à 2023.

Type de locataire technologique	Nombre de locataires	En pieds carrés
Startups technologiques	17	425 000 pieds carrés
Des entreprises technologiques établies	23	675 000 pieds carrés

Office Properties Fension Trust (OPI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au cours de l'exercice 2023, le revenu des propriétés de bureau a dépensé 37,2 millions de dollars pour les acquisitions de biens. Le coût d'acquisition du portefeuille immobilier total au cours des trois dernières années a totalisé 112,5 millions de dollars.

Année	Frais d'acquisition de biens
2021	45,3 millions de dollars
2022	30,0 millions de dollars
2023	37,2 millions de dollars

Entretien des biens et coûts opérationnels

Les frais de maintenance des biens annuels pour l'OPI en 2023 étaient de 28,6 millions de dollars. Répartition des coûts opérationnels:

• Réparation et entretien: 12,4 millions de dollars
• Services publics: 8,2 millions de dollars
• Gestion immobilière: 5,7 millions de dollars
• Assurance: 2,3 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 16,8 millions de dollars, avec la répartition suivante:

Catégorie	Montant
Salaires de base	11,5 millions de dollars
Bonus de performance	3,2 millions de dollars
Avantages et assurance	2,1 millions de dollars

Dépenses d'intérêt sur la dette

Les frais d'intérêt total d'OPI pour 2023 étaient de 42,3 millions de dollars, avec un taux d'intérêt moyen de 4,7% sur la dette en circulation.

Type de dette	Solde en suspens	Intérêts
Obligations à long terme	625 millions de dollars	29,4 millions de dollars
Facilités de crédit	175 millions de dollars	12,9 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 ont totalisé 5,6 millions de dollars:

• Commissions de location: 3,2 millions de dollars
• Matériel marketing et campagnes: 1,4 million de dollars
• Frais de courtier: 1,0 million de dollars

Office Properties Fension Trust (OPI) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des baux de propriété de l'Office

Pour l'exercice 2023, OPI a déclaré un revenu locatif total de 268,4 millions de dollars. La société détient environ 87 propriétés de bureau dans 29 États, totalisant 14,3 millions de pieds carrés d'espace louable.

Type de propriété	Pieds carrés louables totaux	Taux d'occupation	Taux de location moyen
Propriétés du bureau	14,3 millions de pieds carrés	88.7%	32,45 $ par pied carré

Appréciation des biens et gains en capital

En 2023, OPI a enregistré des dispositions nettes de propriété de 173,6 millions de dollars, avec un gain réalisé de 24,2 millions de dollars provenant des ventes de biens.

Remboursement des locataires pour les dépenses d'exploitation

Les remboursements des locataires pour 2023 ont totalisé 42,1 millions de dollars, ce qui représente 15,7% du total des revenus de location.

• Recouvrements de dépenses d'exploitation: 35,6 millions de dollars
• Remboursements de l'impôt foncier: 6,5 millions de dollars

Frais de renouvellement de location et d'extension

Les taux de renouvellement des bail en 2023 étaient de 65,3%, générant des revenus supplémentaires grâce à des frais de renouvellement et de prolongation de 8,7 millions de dollars.

Métrique de location	Valeur
Taux de renouvellement de location	65.3%
Frais de renouvellement et d'extension	8,7 millions de dollars

Revenus liés aux biens accessoires

Les revenus auxiliaires pour 2023 s'élevaient à 5,3 millions de dollars, y compris les frais de stationnement, les locations de signalisation et d'autres revenus liés à la propriété divers.

• Revenus de frais de stationnement: 3,2 millions de dollars
• Location de signalisation et panneau d'affichage: 1,5 million de dollars
• Autres revenus divers: 0,6 million de dollars

Office Properties Income Trust (OPI) - Canvas Business Model: Value Propositions

You're looking at the core promises Office Properties Income Trust (OPI) makes to its stakeholders as of late 2025, especially in light of the recent restructuring efforts. These value propositions focus on tenant quality, operational excellence, and balance sheet repair.

Stable, long-term occupancy for credit-worthy tenants like the U.S. government

OPI's value proposition centers on leasing to tenants with strong financial standing. As of June 30, 2025, approximately 59% of Office Properties Income Trust's revenues came from investment grade rated tenants or their subsidiaries. The U.S. Government stands out as the single largest tenant, representing about 17.1% of annualized rental income as of that date. Overall, government entities contribute roughly one-quarter of Office Properties Income Trust's total rent base. The weighted average remaining lease term across the portfolio was approximately 6.8 years as of June 30, 2025, suggesting a degree of near-term revenue stability, even as overall portfolio occupancy had declined to roughly 77.5% by the Chapter 11 filing date in October 2025.

Energy Star-rated, well-managed properties for sustainability-focused tenants

Office Properties Income Trust emphasizes property quality and management efficiency, which appeals to tenants concerned with environmental standards. The company was named an Energy Star® Partner of the Year for the seventh consecutive year in 2024. This commitment to energy efficiency is a tangible benefit offered to tenants.

Debt equitization and reduced debt service for noteholders via the RSA

Following the October 30, 2025, Restructuring Support Agreement (RSA), a primary value proposition for noteholders is significant balance sheet deleveraging and reduced future interest burden. The transactions under the RSA are designed to reduce Office Properties Income Trust's leverage by more than four turns, moving from 9.6x pre-petition to a pro forma 5.2x. This is largely achieved through the equitization of approximately $1 billion of existing notes. Specifically, the September 2029 secured noteholders who negotiated the RSA are set to receive $420 million of take-back debt structured as new five-year 10% secured notes, plus around 26% of reorganized equity for their notes. Furthermore, all $491 million of prepetition unsecured debt is slated to be equitized. The company also secured a commitment for up to $125 million in new money, debtor-in-possession (DIP) financing to support operations during the court-supervised process.

Diversified geographic footprint across major U.S. markets

Office Properties Income Trust's portfolio is spread across the country, which mitigates risk concentrated in any single local market. You can see the scale of this diversification below:

Metric	Value as of June 30, 2025 (or latest filing)
Number of Wholly Owned Properties	125 (as of June 30, 2025); reduced to 124 by October 2025 filing
Total Rentable Square Feet	Approximately 17.3 million square feet
Geographic Spread	Properties located in 29 states and the District of Columbia
Total Assets (Pre-Restructuring Filing)	$3.5 billion
Total Debts (Pre-Restructuring Filing)	$2.5 billion

The portfolio includes a mix of tenants, with other significant names like Alphabet (Google), Bank of America, Shook Hardy & Bacon, and Northrop Grumman each contributing between 2% and 6% of annual rent. This mix helps distribute the risk away from over-reliance on the single largest tenant.

Office Properties Income Trust (OPI) - Canvas Business Model: Customer Relationships

You're looking at how Office Properties Income Trust (OPI) keeps its tenants locked in, which is crucial given the sector headwinds we've seen through 2025. The relationship strategy centers on long-term contracts and high-quality tenants, though recent events show some strain.

Direct, dedicated relationship management for large, single-tenant leases

For your biggest customers, OPI definitely uses a direct management approach. The U.S. government stands out as the largest single tenant, providing 17.1% of annualized rental income as of June 30, 2025. Keeping that relationship stable is paramount, especially when the company is navigating a restructuring process that began in late 2025. Furthermore, a significant portion of the revenue base is considered high-quality; approximately 59% of revenues come from investment-grade rated tenants or their subsidiaries as of June 30, 2025.

Contractual, long-term lease agreements with minimal turnover effort

The core of the relationship is the contract, designed for stability. As of mid-2025, the portfolio boasted a weighted average remaining lease term (WALT) of 6.8 years. This long-term commitment minimizes the constant effort of finding new tenants, though the current market makes renewals tough. For instance, leases set to expire through 2026 represent $30 million, or 7.6%, of annualized rental income, and the majority of these are single-tenant properties. Management projected that 742,000 square feet of that expiring space, equating to $11.2 million in annualized revenue, would not renew. Still, new leasing activity in Q2 2025 saw a WALT of 5.4 years on executed leases.

Here's a quick look at the tenant and lease metrics as of the second quarter of 2025:

Metric	Value (as of late 2025)	Reference Point
Same Property Occupancy	85.2%	June 30, 2025
Weighted Average Remaining Lease Term (WALT)	6.8 years	June 30, 2025
Largest Tenant Contribution (US Gov't)	17.1% of annualized rental income	June 30, 2025
Revenue from Investment Grade Tenants	59%	June 30, 2025
Q2 2025 New Lease WALT	5.4 years	Q2 2025
Annualized Revenue Expiring in 2026	$30 million (7.6%)	Through 2026

Professional property management services provided by The RMR Group

Office Properties Income Trust (OPI) doesn't have its own executive team; it pays The RMR Group (RMR) to run the day-to-day. RMR is a major player, managing approximately $39 billion in assets under management (AUM) as of September 30, 2025. Even with OPI filing for Chapter 11 bankruptcy in late 2025, the plan was to keep RMR in place. The proposed new property management agreement under the Restructuring Support Agreement (RSA) outlines a 3% property management fee and a 5% construction supervision fee.

Focus on tenant retention to maintain the 85.2% occupancy rate

The focus is definitely on keeping the existing base, aiming to hold that 85.2% same-property occupancy rate achieved as of June 30, 2025. Management noted that renewals accounted for two-thirds of leasing activity in Q2 2025. This retention focus is a direct response to market pressures, including remote work trends that have led to negative net absorption. To help manage cash flow amid these challenges, OPI suspended its quarterly dividend in July 2025, which preserves approximately $3 million of cash annually.

• Leasing pipeline totaled 2 million square feet as of Q2 2025.
• Over 60% of the leasing pipeline is from renewal discussions.
• The U.S. Government is the largest tenant at 17.1% of annualized revenue.
• Leasing capital budgeted for the second half of 2025 is $33 million.

Finance: draft 13-week cash view by Friday.

Office Properties Income Trust (OPI) - Canvas Business Model: Channels

You're looking at how Office Properties Income Trust (OPI) gets its value proposition-office space leased to creditworthy tenants-out to the market, especially now that the company is operating under a court-supervised process following its Chapter 11 filing on October 30, 2025. The channels for leasing and capital markets access have shifted, but the core operational structure remains tied to its manager.

Direct Leasing and Sales Teams Managed by The RMR Group

The day-to-day management and leasing of the portfolio continue to be handled by The RMR Group, which is a key part of the operational channel, even post-restructuring filing. The Restructuring Support Agreement (RSA) contemplates a new management arrangement with RMR for an initial term of five years. This ensures continuity in tenant interaction and property maintenance.

The RMR Group, as of September 30, 2025, managed approximately $39 billion in assets. For the second half of 2025, OPI anticipated investing approximately $43 million in total capital expenditures, with $33 million specifically earmarked for leasing capital. That's a significant allocation aimed directly at retaining and attracting tenants through these channels.

Commercial Real Estate Brokers for New Tenant Sourcing and Renewals

Brokers remain a vital channel for securing new occupancy and locking in existing tenants. The leasing activity in the second quarter of 2025 saw the execution of 15 leases covering 416,000 square feet. Honestly, the reliance on renewals is high; they accounted for two-thirds of that Q2 2025 leasing volume.

You need to watch the expirations closely, as they drive broker activity. Lease expirations through 2026 total 1.3 million square feet, which represents $30 million, or 7.6%, of OPI's annualized rental income. The pipeline for new deals is active, totaling 2 million square feet as of the Q1 2025 update, with over 60% of that tied up in renewal discussions.

The quality of the tenant base is central to this channel's success. As of June 30, 2025, approximately 59% of OPI's revenues came from investment-grade rated tenants or their subsidiaries. The largest single tenant, the U.S. government, accounts for 17.1% of annualized revenue.

Here's a quick look at the portfolio OPI is marketing through these channels as of June 30, 2025:

Portfolio Metric	Value	Context/Date
Total Properties	125	As of June 30, 2025
Total Square Feet	17.3 million	As of June 30, 2025
Same Property Occupancy	85.2%	As of June 30, 2025
Weighted Avg. Remaining Lease Term	6.8 years	As of June 30, 2025
Investment Grade Revenue Share	59%	As of June 30, 2025
Largest Tenant Revenue Share	17.1%	U.S. Government, as of June 30, 2025

Corporate Website and Investor Relations for Capital Markets Access (now OTCPK)

For capital markets access, the channel has clearly shifted following the October 2025 restructuring. OPI's shares are now listed on the OTCPK under the ticker symbol OPITQ. The corporate website, $\text{www.opireit.com}$, remains a primary source for general company information, though investor relations now directs stakeholders to the restructuring portal for case-specific details.

The company's liquidity position is a key metric communicated through this channel. As of June 30, 2025, total liquidity stood at $90 million of cash. The restructuring process itself is being supported by a commitment for $125 million in new money, debtor-in-possession (DIP) financing.

You can find the Investor Relations contact listed as:

• Kevin Barry, Senior Director, Investor Relations
• Direct line: (617) 219-1410

Kroll Restructuring Administration for Chapter 11 Communications

For all matters related to the Chapter 11 proceedings initiated on October 30, 2025, Kroll Restructuring Administration LLC serves as the claims, noticing, and solicitation agent. This is the official, court-supervised channel for creditors and other interested parties.

The restructuring aims to substantially deleverage the balance sheet, including the equitization of approximately $1 billion of existing notes. The key communication touchpoint for creditors is the dedicated website, $\text{https://restructuring.ra.kroll.com/OPI}$.

Key dates and figures related to this channel include:

• Chapter 11 Filing Date: October 30, 2025
• DIP Financing Commitment: $125 million
• Next Creditors Meeting (Section 341): January 7, 2026, at 2:00 p.m. (CT)

Finance: draft 13-week cash view by Friday.

Office Properties Income Trust (OPI) - Canvas Business Model: Customer Segments

You're analyzing Office Properties Income Trust (OPI) right now, and the customer segment is where the story of stability versus sector-wide distress really plays out. The core of Office Properties Income Trust (OPI)'s business model is built around securing tenants with the highest possible credit quality, which is a crucial differentiator, especially given the company's late 2025 restructuring efforts.

The tenant base is heavily weighted toward creditworthy entities, which is the primary defense mechanism for Office Properties Income Trust (OPI)'s revenue stream. As of June 30, 2025, a substantial 59% of Office Properties Income Trust (OPI)'s revenues came from investment-grade rated tenants or their subsidiaries. To be fair, this focus on quality is what management has always leaned on, but the current environment makes that stability even more valuable.

Here's a quick look at the revenue concentration based on the latest figures available:

Customer Segment Type	Percentage of Annualized Revenue (as of 6/30/2025)
Investment-Grade Rated Tenants (Direct/Subsidiary)	59%
U.S. Government (Largest Single Tenant)	17.1%
Total from Top Two Categories	76.1%

The U.S. Government stands out as the single largest customer anchor for Office Properties Income Trust (OPI). This relationship is key, representing 17.1% of the annualized rental income as of June 30, 2025. That kind of anchor tenant provides a level of predictability that many other office REITs simply don't have right now.

Office Properties Income Trust (OPI) has historically targeted large, single-tenant users who sign on for long-term, stable leases. This strategy is evident in the portfolio metrics; as of June 30, 2025, the portfolio consisted of 125 properties totaling 17.3 million square feet, with a weighted average remaining lease term of 6.8 years. Still, you have to watch the near-term expirations; leases scheduled to expire through December 2025 accounted for 11.7% of revenue.

The current reality for Office Properties Income Trust (OPI) is that the customer segment focus has shifted, at least temporarily, to the capital structure stakeholders. Due to the Chapter 11 filing on October 30, 2025, the immediate customer base includes:

• Institutional investors and noteholders who are part of the Restructuring Support Agreement (RSA).
• Holders of the senior secured notes due September 2029, who committed to up to $125 million in debtor-in-possession financing.
• Creditors whose existing notes, totaling approximately $1 billion, are expected to be equitized into new ownership.

The entire restructuring process is designed to deleverage the balance sheet, which has $2.37 Billion in total debt as of June 2025, by converting debt held by these institutional noteholders into equity. Finance: draft the projected post-restructuring equity capitalization table by next Tuesday.

Office Properties Income Trust (OPI) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Office Properties Income Trust (OPI) as it navigates the post-restructuring environment of late 2025. The cost structure is heavily influenced by debt service and the necessary expenses to maintain and improve the portfolio while operating under Chapter 11 protection.

Interest Expense remains a major component, reflecting the high leverage that precipitated the recent filing. For the second quarter of 2025, the reported interest expense was $53 million. This figure was up 37% year-over-year. Even with the restructuring plan aiming to reduce debt, the immediate cost of capital remains high, especially considering the new Debtor-in-Possession (DIP) financing carries a 12.00% annual cash interest rate.

The costs associated with running the properties-Property Operating Expenses-are putting pressure on Net Operating Income (NOI). While we don't have the exact dollar amount for utilities, maintenance, and taxes, the trend is clear: same-property cash-basis NOI margin contracted year-over-year in Q2 2025, moving from 61.0% down to 57.4%. This contraction signals that operating costs are rising faster than the achievable rental income on existing leases.

The external relationship with The RMR Group LLC dictates a significant, fixed administrative cost. Post-restructuring, the new business management agreement sets the External Management Fees. RMR Group LLC will receive an annual fee of $14.0 million per year for the first two years under the new agreement, which is expected to become effective upon plan confirmation. This is in addition to the property management fee of 3% and a construction supervision fee of 5%.

To keep the physical assets viable, Capital Expenditures are budgeted for the remainder of 2025. Office Properties Income Trust projects capital expenditures of $43 million for the second half of 2025. This $43 million is comprised of $10 million for building capital and $33 million for leasing capital.

The Chapter 11 filing itself introduced substantial, one-time Restructuring and Advisory Costs, primarily embedded within the DIP financing structure. You need to account for these high fees when modeling the immediate cash burn.

Here's a quick look at the key, hard numbers driving the Cost Structure as of late 2025:

Cost Category	Specific Metric/Amount	Period/Context
Interest Expense	$53 million	Q2 2025
Projected Capital Expenditures	$43 million	H2 2025 Projection
Annualized External Management Fee (Base)	$14.0 million	First two years post-reorganization
DIP Financing Interest Rate	12.00%	Annual Cash Interest
DIP Upfront Fee	2.25%	Of commitments
DIP Anchor Commitment Fee	10.00%	Of commitments
DIP Exit Fee	5.75%	Of commitments

The advisory team retained for the Chapter 11 process also represents a significant, though variable, cost. The debtors retained several key firms:

• Hunton Andrews Kurth and Latham & Watkins as bankruptcy co-counsel.
• Moelis & Company as investment banker.
• AlixPartners LLP as financial advisor.

The overall debt service burden is also highlighted by the upcoming maturities that necessitated the filing; Office Properties Income Trust had $279.5 million maturing next year (2026) and $771.3 million due in 2027, according to the Q2 report. The restructuring aims to equitize approximately $1 billion of existing notes.

Office Properties Income Trust (OPI) - Canvas Business Model: Revenue Streams

You're looking at the core income generation for Office Properties Income Trust (OPI) as of late 2025, which is heavily anchored in real estate leasing but supplemented by transactional activities in a challenging market.

The primary revenue driver is rental income from office property leases. As reported for the second quarter of 2025, the annualized revenue figure stands at $398 million, representing a significant year-over-year decline of nearly 18%, or $85 million compared to the prior year. The actual rental income reported for the second quarter of 2025 was $114.5 million, down from $123.7 million year-over-year.

This annualized revenue of $398 million is calculated using the annualized contractual base rents as of June 30, 2025, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to Office Properties Income Trust. The quality of the tenant base supporting this stream is notable; as of June 30, 2025, 59% of revenues came from investment-grade rated tenants or their subsidiaries. The U.S. government remains the largest single tenant, accounting for 17.1% of annualized revenue.

Transactional activities contribute to the revenue stream, though they are less predictable. This includes proceeds from asset dispositions. Office Properties Income Trust currently expects to sell two properties in September 2025 for an aggregate of $10.7 million, excluding closing costs, as part of a larger agreement to sell three properties for $28.9 million. Earlier in July 2025, the company sold one property for a sales price of $2.2 million, excluding closing costs.

Another, explicitly non-recurring, source of income is lease termination fees, though no specific financial amount for this stream was detailed in the latest available reports.

Here's a quick look at the key revenue-related metrics as of mid-2025:

Revenue Component/Metric	Financial Number/Amount	Context/Date
Annualized Rental Income (Base)	$398 million	As of Q2 2025
Q2 2025 Rental Income	$114.5 million	Q2 2025
Expected Disposition Proceeds (Sept 2025)	$10.7 million	Expected September 2025
Total Properties Under Agreement to Sell	$28.9 million	As of Q2 2025
Property Sale Proceeds (July 2025)	$2.2 million	July 2025 sale
Revenue from Investment Grade Tenants	59%	Of revenues as of June 30, 2025
Lease Expirations Impacting Annualized Income	$30 million	Scheduled through 2026

The pressure on this revenue stream is clear when you look at upcoming lease expirations. You should note that 1.3 million square feet of leases are scheduled to expire through 2026, representing $30 million, or 7.6%, of the current annualized rental income.

The company is actively managing its asset base to generate cash, which is a key component of its short-term financial strategy given the liquidity constraints. The revenue streams are further characterized by:

• Rental income from office property leases.
• Tenant reimbursements for property operating expenses (included in annualized revenue).
• Proceeds from asset dispositions, such as the $10.7 million expected in September 2025.
• Lease termination fees (a non-recurring source).

The trailing twelve months revenue as of mid-2025 was approximately $0.46 Billion USD.